Aspiration Bank Review 2023: Is It Legit Or Scam | How It Works

Looking for an unconventional bank that cares about the planet? Aspiration bank is your go-to institution. And if you find out more about Aspiration bank, read this review.

According to Wikipedia, Aspiration was founded in 2013 and has since raised over $200 million in funding. The bank has a different view of how banks should operate.

They believe banking shouldn’t be too hard. Whether one is operating a Savings or checking account shouldn’t make banking processes rigid. Unfortunately, most traditional banks do not agree with this. And this is why Aspiration bank is different.

Their services are easily accessed online, allowing customers to choose their monthly fees. Awesome, right?

Additionally, they are an Eco-friendly bank that also offers cashback when you buy from shortlisted businesses.

This article will help you understand more about Aspiration banks and their operations. So stay put and enjoy this piece on Aspiration Bank Review.

What Is Aspiration Bank All About?

Aspiration is an online financial institution based in Marina del Rey, California, which offers banking and investment products and services. As of June 2019, Aspiration had 1.5 million customers.

The financial institution was founded in 2013 by Andrei Cherny and Joseph Sandberg and commenced business in February 2015.

The institution has raised over 200 million dollars in funding. They offer various banking products and services; the following are some of their products:

Aspiration Products

Aspiration offers an interest-bearing deposit account as Spend & Save. They also offer an optional paid subscription service.

Additionally, they have Aspiration Plus, which offers features such as a recycled plastic debit card, and increased interest in the Save Account. Also, they offer Carbon offsets for gas purchases and reimbursement of 1 out-of-network ATM fee per month.

Also, Aspiration offers mutual fund investments, including its sustainable Redwood Fund and its Flagship fund that invests in liquid alternative strategies. 

The Aspiration Redwood Fund, launched in November 2015, only invests in environmentally responsible companies. Additionally, Aspiration is completely free of fossil fuel and firearm companies. The Redwood Fund is also offered as an IRA and requires a minimum investment of $100.

On 23 July 2020, Aspiration revealed that it is working to give exposure to Aspiration’s range of financial services to Postmates Fleet members. This will include Aspiration’s Spend and Save plan, which offers a cheaper and more affordable option to the major banks.

Who Is Aspiration Meant For?

Aspiration is most suitable for environmentally conscious people who are tired of regular banks. Also, the bank will appeal to you if you:

  • Prefer to earn interest in a CMA.
  • If you want to bank with an institution that cares about sustainability and social issues.
  • Aspiration is for if you would like the flexibility of choosing your monthly fee.
  • Want incentives to spend your money with ethical companies and retailers.
  • Do not often need to deposit cash.
  • Need access to a large network of fee-free ATMs.
  • Are comfortable with an online-only banking experience.

People who read this content, end up reading Best Property Management Companies in the U.S

What Do You Get As An Aspiration Customer?

  • They don’t offer a traditional checking or savings account, that’s for sure.
  • Aspiration offers customers a CMA (Cash Management Account).
  • This account allows you to manage cash, make payments, earn interest, and, finally,
  • All this can be done with a single account for both Savings and Checking accounts.

Important Notice

Though Aspiration is not a bank, and CMAs are not the same as traditional bank accounts, customer deposits are still insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. That’s because the money you deposit to Aspiration is held at one of the institution’s partner banks, all of which offer FDIC insurance.

These are the accounts. Aspiration has to offer its customers:

  • Aspiration Spend and Save and
  • Aspiration Plus

Spend And Save

This account allows customers to spend and save from the same place while still providing you with many of the benefits of a checking account. There are no minimum balance requirements, and you get to choose your monthly fee. The fee is from zero to $20.

Nonetheless, the opening minimum is just $10.

With this account, customers get a debit card and earn cash-back on purchases from a variety of retailers.

Additionally, customers will also earn interest in the money that is not spent. This means you can earn money with both the Spend and Save sides of the Cash Management Account.

To earn cashback, you must spend money with one of the 16 companies that are part of the Conscience Coalition.

You will receive a different cashback percentage with a Conscience Coalition purchase. This is dependent on the company you are purchasing from.

Meanwhile, there are other ways to earn cashback from Aspiration. And it includes spending money with companies with high Aspiration Impact Measurement (AIM) scores.

The AIM score rates companies based on their ethical treatment of people and the planet. The companies with the highest scores earn Aspiration debit card purchasers 0.5% cashback. While companies with lower scores earn lower percentages of cashback.

With Aspiration Spend and Save, any money you do not spend is considered to be in the “Save” side of an Aspiration CMA.

However, unlike a traditional savings account, you are not limited to six months of savings withdrawals. Nevertheless, you may only transfer money from your Aspiration CMA to an external linked account once daily.


Unfortunately, if you only have the basic Aspiration Spend & Save Account, you do not qualify for interest on your savings balance. To take advantage of the high-yield savings aspect of the Aspiration CMA, you will need to enroll in the Aspiration Plus Account.

Aspiration Plus

Unlike the basic Spend & Save account, Aspiration Plus has a set monthly fee of $3.99; you can save a little money if you pay a single annual fee of $44.99.

With Aspiration Plus, you can enjoy the biggest benefits of Aspiration CMA exclusively.

Your cashback rewards for spending with Conscience Coalition members is raised to 10% across the board.

Although the amounts you earn by shopping with companies with high AIM scores remain the same.

Aspiration Plus account holders also receive one out-of-network ATM fee reimbursement per month.

More so, the Aspiration Plus account has added benefits. To start, customers earn 0.25 percent on their savings balance up to $10,000, and 0.10 percent thereafter. Also, if you spend at least $1,000 per month on your Aspiration debit card, you will receive a 1.0% APY on savings up to $10,000 and 0.10% thereafter.

Are There Any Other Services Aspiration Offer?

Yes, in addition to their Cash Management Accounts, they also offer services like:

  • Individual Retirement Accounts (IRAs).
  • Managed Investment Portfolios.

Is Aspiration Legit Or Scam?

Aspiration is a legit banking institution and has been around for nearly a decade. Their services are online, and customers’ account are easy to access from their app.

Even though they are not like regular banks, they offer similar services that allow flexibility. Things like selecting what to pay as your monthly fee.

Additionally, they have FDIC insurance, so your money is safe.

How it works:

During the day, your funds are held at Coastal Community Bank, where debit cards are also issued from. That’s up to $250,000 FDIC insurance per account type (checking and saving accounts). At night, your funds will be swept into a network of FDIC-member banks that you will be notified of. The network expands your FDIC insurance coverage from $250,000 to $2 million.

So to answer your question once more, Yes Aspiration Bank is a Legitimate bank.

Aspiration Customer Service

They have an FAQ section on their website that helps you find answers to most of your questions.

Visit Site

If you’re still not satisfied and would want to talk to a customer service representative, their support line is open from 6 Am to 6 PM.  PST Monday through Friday and from 8 a.m. to 4 p.m. PST on Saturday and Sunday at 800-683-8529.

However, there is no live chat option available on the website. You have to call or submit a written request to reach customer service.

How To Get Started

Banking with Aspiration is straightforward. Once you open an account with them, their App helps you seamlessly make transactions on your dashboard. With Aspiration, you can free withdraw and check your balance at any Allpoint ATM.

The banking processes are all online.

Open Account

Aspiration Fees

ATM fee: You can use any domestic ATM and be reimbursed. You’ll also be reimbursed up to $4 for international withdrawal fees. (You can’t make deposits in those ATMs, only take cash out.)

Monthly fee: $0 mandatory fees, but Aspiration asks you to “pay us a monthly fee you think is fair.”

Overdraft fee: $0

Debit card: $35, if expedited

Wire transfers: $0.82 for domestic, $2.50 for incoming international, and $15.00 for outgoing international

Stop payment fee: $0

Foreign currency transaction fee: Yes, and it will not be reimbursed.

You can earn up to 10% Cashback on purchases with the cash management account.
No fee charged when you withdraw with Allpoint ATMs.
Choose your monthly fee
They are environmentally cautious.
There are no brick-and-mortar branches for in-person banking.
There are no checks available with the CMA accounts.
To access their biggest APY benefit, you must have the Aspiration plus account.
Only available in the U.S.
Cant make cash deposits to your account.


People who worry about the environmental and social influences their financial choices have on the world can stop worrying about Aspiration banking.

Aspiration does not just reward your ethical purchases; they do not fund fossil fuel or weapon manufacturers with your deposits.

They provide their services online, giving you the convenience of banking from your comfort zone.

With their Aspiration Plus account, get cashback as you spend.

If you’re still reading now, I think this Aspiration bank review has been helpful.

So if you Aspire for a bank that operates with unconventional but still safe methods, Aspiration bank is right for you.



Leave a Reply
You May Also Like